True or False

11. When a company sells services for which cash will not be received until some future date, the company should credit an unearned revenues account for the amount charged to the customer.

12. A T-Account is a formal account frequently used in business.

13. An account balance is the difference between the increases and decreases recorded in an account.

14. The left side of a T-account is always the credit side, while the right side is always the debit side.

15. The accounting equation is expressed as assets = liabilities - equity.

16. The accounting equation can be expressed as liabilities = assets - equity.

17. In a double-entry accounting system, total debits must always equal total credits.

18. Double-entry accounting means that every transaction affects and is recorded in at least two accounts.

19. Debits increase asset and expense accounts.

20. Credits to accounts are always increases.